Demand still there: Developers

Developers believe that a competitively priced off-plan property can entice buyers and at the expense of ready units — albeit available at higher price — in the secondary market. Dubai’s property developers have no intention to go slack on new launches because they still see a demand in the market, according to a recent Gulf News article.

Developers believe that a competitively priced off-plan property can entice buyers and at the expense of ready units — albeit available at higher price — in the secondary market. “The general slowdown could have been a deterrent, but we felt there are still end-users out there willing to commit right now for specific property types,” said Dinesh Jain, partner at Artistic Property Development which launched its first venture — a cluster of 12 G+2 town houses in Jumeirah Village Circle — last week. “That being the case, it was decided to go ahead with the sales launch rather than wait until more favourable market conditions emerge.”

Others are following the same script — Reef launched a residential high-rise in Jumeirah Village, Danube Properties launched its second project through the “Glitz”, while further releases keep taking place for apartments in the strictly upscale Dubai Creek Harbour locality.